Oil Rigs “Rigs counts took a breather this week”

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Nov 17, 2017:

• Rigs counts took a breather this week

• Total US oil rigs were flat, +0 to 738

• Horizontal oil rigs eased back, -1 to 636…• On Wednesday, I suggested that excess inventory draws in the US and the Brent-WTI spread likely meant a resumption of upward oil price pressures, and we saw that today, with WTI up .35 and the Brent spread holding steady at .25